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Intuit Payroll helps small biz with HIRE Act

MOUNTAIN VIEW, Calif. (4/7/10)--Intuit Inc. is updating its payroll service, Intuit Online Payroll, to help small businesses receive every new tax credit for which they are eligible under a new jobs bill. Payroll tax credits are delivered to eligible employers through reduced Social Security taxes, which lower payroll taxes for the employer. On March 18, President Barack Obama signed into law the Hiring Incentives to Restore Employment (HIRE) Act, according to Intuit. The $17 billion jobs bill will provide employers with incentives to hire unemployed workers and retain those workers for one year. The bill has two provisions that impact hiring employers--a Social Security tax exemption and business tax credit. Intuit will post information for its customers about the new jobs bill (See resource link). Intuit also will offer businesses a free 30-day trial of Intuit Online Payroll. The act includes a credit for businesses that keep qualified workers for more than 52 weeks. Benefits can provide up to $6,621 in payroll tax credits and $1,000 in business tax credits per employee (VerticalNews.com April 3). Intuit provides credit unions and other institutions with business and financial management solutions, including payroll processing.